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Compare and contrast the regularization methods of L1 and L2.
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L1 regularization, also known as Lasso regularization, is a type of regularization technique used to minimize the number of parameters in a particular model by adding a penalty term known as the L1 norm. This norm penalizes the coefficients of parameters that are farther away from zero. The regularization coefficient is directly proportional to the magnitude of the coefficent. On the other hand, L2 regularization,also known as Ridge regularization, is a type of regularization technique used to reduce the number of parameters in a model by adding a penalty term known as the L2 norm. This norm penalizes the coefficients of the parameters that are farther away from the mean of the coefficient values. Unlike L1 regularization, the regularization coefficient is inverse proportional to the magnitude and hence, results in small coefficient values.